Mobily, the telecommunications company, continued to post losses that began in the fourth quarter of last year, and posted a loss of 199 million riyals (0.26 riyals per share) in the first quarter of this year, compared to a profit of 1,612 million riyals during the same period in 2014.

According to the source, the company attributed the losses recorded during the current quarter to an increase in depreciation expenses resulting from the recognition of an additional depreciation expense of 250 million riyals, and an increase in the provision for doubtful accounts receivable from customers—which is part of normal business operations—amounting to 133 million riyals, in addition to a decline in data revenues, particularly a decrease in non-recurring revenues from fiber-optic capital lease contracts during the current quarter compared to the same quarter of the previous year, which amounted to 1,265 million riyals.

Conversely, the company attributed the decrease in losses during the current quarter compared to the previous quarter to the recognition of extraordinary expenses and non-recurring items that negatively impacted the results of the previous quarter.